"It is something that happens to horses all the time with no repercussions but somehow he has hurt himself and ended up very lame.
"When it became apparent he had really hurt himself and broken some bones we sought advice from leading vets all around be world on how to save him.
"Obviously being a gelding we weren't trying to save him for a stud career, we just wanted him to be ok and then be able to enjoy retirement on the farm with some of the other ex racehorses.
"But it simply couldn't be done and it is terribly sad because not only was he a really good horse who tried so hard in his races but he was a lovely horse, with a beautiful nature.
"So it has been a tough day for all of us."
Parenaui Bay looked a group one winner in waiting, displaying enough talent trainer Tony Pike had been keen to give him his chance at group one level in Australia.
"We'd like to thank Tony Pike, Chris McNab and all the staff at the stable especially Parenaui Bay's groom Caroline Kennedy who took such great care of him," said Brent Taylor.
"Everyone here on the farm are also devastated, he meant a lot to everyone and we got great joy seeing him race and taking care of him.
"The team at Cambridge Equine Hospital have also been great, Rob Hitchcock and Alanna Zantingh, trying to find a solution but unfortunately despite their best efforts nothing could be done."
The loss of Pareanui Bay comes just six weeks after Cherry Taylor's father Cliff Goss lost his cult hero galloper Gold Watch after he broke down in the Rich Hill Mile at Ellerslie.
The two wonderful horses had provided the family with so many thrills with stellar starts to the season and their timing was impeccable, when Pareanui Bay won his second and third starts at Te Rapa and Te Aroha, Gold Watch won the very next race on both occasions.
Now they are both gone before getting the chance to fullfil their true potential.
The changing landscape of the three-year-old crop continued in far less dramatic fashion yesterday when Auckland Guineas winner Dark Destroyer dropped out of NZ Derby contention.
He has been battling minor soreness and will not be fit enough to contest the Avondale Guineas at Ellerslie on Saturday so the Derby two week later is out, as it is for stablemate Karman Line, who will miss both the Derby and NZ Oaks because of a sore foot costing her crucial lead-up racing.
